Overstock May Part Ways With Its Blockchain Business
- Medici Ventures unit is considering an initial coin offering
- Johnson says a tax-free spinoff is no longer in consideration
BTCC CEO Says Bitcoin Has Room for Price Appreciation
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Overstock.com and its blockchain business, Medici Ventures, may go their separate ways after millions of dollars of losses.
"We see Medici as eventually becoming a standalone," said Jonathan Johnson, president of the discount retailer’s unit, which provides a trading platform based on blockchain, the catchall term for a digital ledger that promises incorruptible storage of financial transactions. "It has some synergies with Overstock, but it’s still a very different business."